MATH vs PZZA: Correlation
How closely do Metalpha Technology Holding Limited (MATH) and Papa John's International, Inc. (PZZA) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATH and PZZA?
Across a 3-year window, the weekly returns of MATH and PZZA correlate at 0.34, moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.34). Stretching to 5 years gives 0.29, with an annualized covariance of 1487.7 %².
By 3-year correlation, PZZA places #5 of the 14 assets tracked against MATH. Correlation aside, the last 12 months split them widely, with PZZA ahead by 20.4 points (-70.7% versus -50.3%). One caveat on sizing: MATH is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
MATH vs PZZA: side by side
| MATH (Metalpha Technology Holding Limited) | PZZA (Papa John's International, Inc.) | |
|---|---|---|
| 1-year return | -70.7% | -50.3% |
| 5-year return | -40.4% | -78.5% |
| Volatility (ann.) | 90.1% | 48.3% |
| Beta vs S&P 500 | 0.53 | 0.83 |
| Max drawdown (3Y) | -81.9% | -66.8% |
| Market cap | – | $0.8B |
| P/E (trailing) | 41.7 | 29.0 |
| Dividend yield | 0.00% | 7.79% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MATH | PZZA |
|---|---|---|
| 2022 | -57.4% | -37.3% |
| 2023 | +323.3% | -5.3% |
| 2024 | -47.2% | -44.2% |
| 2025 | +82.6% | -2.0% |
| 2026 | -60.3% | -38.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATH and PZZA good diversifiers for each other?
Reasonably. At 0.34, MATH and PZZA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MATH and PZZA?
As of 2026-08-27, the correlation of weekly returns between MATH and PZZA is 0.34 over 3 years, 0.12 over 1 year and 0.29 over 5 years.
Is PZZA a good diversifier for MATH?
Reasonably. At 0.34, MATH and PZZA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/math-vs-pzza.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/math-vs-pzza/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MATH correlations · PZZA correlations
